Arnold & Porter Advises CuriosityStream in Its $331 Million Combination With Software Acquisition Group

Arnold & Porter advised CuriosityStream Inc. (CuriosityStream), the first streaming media company devoted to factual entertainment, in its combination with Software Acquisition Group, Inc. (Software Acquisition Group), a special purpose acquisition company (SPAC). The transaction is expected to close in late 2020.

The merger places an enterprise value of approximately $331 million and an equity value of approximately $512 million on CuriosityStream. At the closing of the transaction, the combined company will continue to operate under the existing CuriosityStream management team.

With more than 13 million paying subscribers in over 175 countries, CuriosityStream intends to use the cash proceeds from the merger to fund continued growth.

The Arnold & Porter Corporate & Finance team was led by partner Christopher Peterson, who co-heads the firm's Capital Markets practice, and included senior associates Heather Ashour and Brandon Hauver and associate Bryan Kim. The Corporate & Finance team was supported by partner Charlie Wachsstock, counsel Kathleen Wechter and associate Kathryn Geoffroy on employee benefits and executive compensation matters; partner David Sausen and senior associate Reuven Graber on tax matters; partner Vinita Kailasanath and associate Styna Tao on intellectual property matters; counsel Nancy Perkins on data privacy matters; partner David Valeck on finance matters; and counsel Peter Danias on HSR matters.